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Property News11 Mar 2015

Rents Slipped in February 2015

SRX Property

A. Non-Landed Private Residential Rental Market

1. Private rents continued to fall. According to the SRX Property Price Index for Non-landed Private Residential Rentals, rents posted a drop of 0.8% in February 2015 compared to January 2015. Non-landed Private Residential units in CCR and RCR saw decreases in rents of 1.2% and 1.5% respectively. The rents in OCR stayed unchanged from January.

Singapore Price Index: Rents Slipped in February 2015

 

Singapore Price Index: Rents Slipped in February 2015 - Comparison by Region

According to the SRX Property Price Index for Non-landed Private Rentals:

· Rents have not been increasing since Feb 2014.
· Year-on-year, rents in February 2015 are down 6.2% from February 2014.
· Rents in February are 10.5% down compared with its peak in January 2013.
· Rents change in January has been revised from a 0.2% increase to unchanged.


2. Rental volume declined. According to the SRX Property, an estimated 2,586 Non-landed Private Residential units were rented in February 2015, a 25.8% decrease from 3,487 units rented in January 2015.

Singapore Price Index: Rents Slipped in February 2015 - Rental Volume

· Year-on-year, rental volume in February 2015 is 5.9% lower compared to 2,748 units rented in February 2014.


B. HDB Rental Market

1. HDB rents continued to fall. According to the SRX Property Price Index for HDB Rentals, rents posted a decline of 0.3% in February compared to January. HDB 3 and 4-Room flats posted declines in rents of 0.8% and 0.6% respectively. 5 Room and Executive flats on the other hand saw a pick-up in rents by 0.7% and 0.5% respectively.

Singapore Price Index: Rents Slipped in February 2015 - Rental Price

 

Singapore Price Index: Rents Slipped in February 2015 - Comparison by Flat Type

Singapore Price Index: Rents Slipped in February 2015 - Median Rent

According to the SRX Property Price Index for HDB Rentals:

· Year-on-year, rents in February 2015 are down 3.0% from February 2014.
· Rents in February are 5.5% down compared with its peak in August 2013.
· Rents change in January has been revised from a 0.5% decrease to a 0.6% decrease.

Singapore Price Index: Rents Slipped in February 2015 - Mature and Non-mature estates

Singapore Price Index: Rents Slipped in February 2015 - Overall Comparison Table

According to the SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:
· Rents dropped in both Mature and Non-mature Estates in February 2015.
· Year-on-year, rents of Non-mature Estates in February 2015 have dropped 3.8% from February 2014.
· Year-on-year, rents of Mature Estates in February 2015 have dropped 2.3% from February 2014.


2. HDB rental volume declined. According to the SRX Property, an estimated 1,371 HDB flats were rented in February 2015, a 25.7% decrease from 1,846 units rented in January 2015.

Singapore Price Index: Rents Slipped in February 2015 - HDB Rental Volume

 

· Year-on-year, rental volume in February 2015 is 6.5% lower compared to 1,467 units rented in February 2014.

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